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Equity Compensation Plans (Tables)
12 Months Ended
May 31, 2014
Stock Option Activity

Qualified and non-qualified options to purchase shares of common stock may be granted to directors, officers and employees of the Company under the terms of the Company’s stock option plans. These options are granted at an exercise price of not less than the fair market value of the stock on the date of grant. Remaining shares available for grant under stock option plans were 805,000, 1,227,000 and 1,662,000 at May 31, 2014, 2013 and 2012, respectively. Options vest ratably over three and five year periods and the contractual terms are generally five or ten years.

 

(Share in thousands)    Shares     Weighted-Average
Exercise Price
     Weighted-Average
Grant Date Fair  Value
 

Outstanding at May 31, 2011 (764 exercisable)

     2,361      $ 11.85       $ 3.81   

Granted

     474        23.06         6.94   

Exercised

     (480     8.29         2.93   

Forfeited

     (41     11.08         3.59   
  

 

 

      

Outstanding at May 31, 2012 (863 exercisable)

     2,314        14.89         4.63   

Granted

     459        28.67         9.21   

Exercised

     (657     10.61         3.43   

Forfeited

     (24     19.67         6.07   
  

 

 

      

Outstanding at May 31, 2013 (749 exercisable)

     2,092        19.21         6.00   

Granted

     512        36.44         9.87   

Exercised

     (643     13.69         4.28   

Forfeited

     (92     22.08         6.65   
  

 

 

      

Outstanding at May 31, 2014 (577 exercisable)

     1,869        25.69         7.62   
Summary of Stock Options Outstanding

The following is a summary of stock options outstanding at May 31, 2014:

 

(Options in thousands)              
     Options Outstanding      Options Exercisable  

Range of Exercise price

   Number      Average Remaining
Contractual Life

(in years)
     Weighted-Average
Exercise Price
     Number      Weighted Average
Exercise Price
 

$  5.45 - $ 16.12

     286         1.8       $ 11.70         201       $ 11.14   

  16.13 - 22.91

     288         2.5         19.32         152         19.57   

  22.92 - 28.26

     353         2.8         23.17         134         23.28   

  28.27 - 32.37

     439         4.0         28.67         90         28.67   

  32.38 - 41.65

     503         4.9         36.44         —           —     
  

 

 

          

 

 

    
     1,869         3.4         25.69         577         18.91